"Expect A 5x Cycle After This Collapse" | Raoul Pal

The crypto market has seen a tumultuous year. The collapse of Luna, Celsius, 3AC, and of course, FTX has shaken the industry and more importantly, has given the mainstream reasons to doubt the validity of cryptocurrency. Prominent voices in the mainstream have portrayed cryptocurrency as a scam without any utility, holding onto the old ideals of fiat currency and traditional banking. The collapses of crypto exchanges, combined with any bad actors, did not do the industry any favors in disproving this narrative. Before the FTX collapse, the crypto industry lost $2 trillion in value since the height of a massive rally in 2021, making this crypto winter seem a bit longer and harsher than previous ones, but macro analyst Raoul Pal believes it’s not the end of the world, as many may believe. In a 55-minute discussion about the future of crypto, Raoul Pal discussed what he sees coming in 2023 for crypto. Raoul believes although these collapses are tough, there is light at the end of the tunnel and most importantly, this isn’t anything new. Raoul stressed that this is the same narrative and knee-jerk reaction that the market has seen in previous downturns, which is a good thing for those wanting to enter the market. Raoul believes as the prices trade sideways, people lose interest and leave the market leaving a great opportunity for those who can stomach the volatility.

Raoul Pal is the CEO and co-founder of Real Vision and CEO and publisher of The Global Macro Investor. He was co-manager of the GLG global macro hedge fund in London. In 2004, he retired from fund management and started The Global Macro Investor in January 2005. He was one of a relatively small number of investors to predict the mortgage crisis of 2008–2009. He was co-head of hedge fund sales in equities and equity derivatives at Goldman Sacks in Europe, based in London.
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“We’re Setting Up For A Super Interesting Cycle After The Collapse” | Raoul Pal